Turnstone Group, the Global Fiduciary Service Provider operating in international financial service centers, has confirmed the sale of its Fiduciary and Fund Administration business to the management team in Mauritius.
Mr Roelf Odendaal, Chief Executive Officer, stated at the recent advisory board meeting of the Group, that: ‘Turnstone, as a Family Office Service Provider, wishes to continue focusing on its core business activities, namely the support for individuals and family’s needs for private and business structures.’ Mr Odendaal was referring to the Mauritius office that has as its principal focus the Fund Administration business, while the Turnstone Group remained focused on Trust, Foundation and Company administration services.
It is understood that the Mauritius business will change its name to Ninety East Financial Services, under the leadership of Mr Deva Marianen.
The Turnstone Group was recently in the news with the signing of a Memorandum of Understanding with the International Financial Services Commission and being licensed as a Corporate Trustee Company in Botswana. The Group is also expanding into the London markets to provide Fiduciary and Family Office Services.